Hexagon Now Owns 40% Stake In Cryoshelter’s LNG business

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(Oslo, 1 August, 2022) Reference is made to the stock exchange announcement by Hexagon Composites on 21 April 2022, regarding the agreement to acquire a 40% stake in Cryoshelter GmbH, says an article published in Hexagon.

Cryoshelter GmbH

An Austria based company specialized in the development of cryogenic tank technology for liquid (renewable) natural gas (LNG) and liquid hydrogen (LH2), says an article published in Hexagon.

Successfull Transaction

Hexagon is pleased to announce that the transaction has been successfully completed, and Hexagon Composites now owns 40% of Cryoshelter’s liquid (renewable) natural gas (LNG) business, with options to buy remaining interests over the next 3-10 years.

The initial investment of EUR 2.5 million extends Hexagon’s product portfolio to include leading liquid gas solutions.

Announcement Completion

Hexagon Purus ASA (owned 73.3% by Hexagon Composites) has also completed its previously announced 40% stake in Cryoshelter’s cryogenic tank technology for liquid hydrogen (LH2) (reference Hexagon Purus announcement, 1 August 2022).

Scaling Up Business

“Liquid storage of renewable natural gas(LNG) and hydrogen (LH2)will add a new dimension to our existing offering, complementing our portfolio and unlocking new opportunities for Hexagon Agility and Hexagon Purus, respectively,”says Jon Erik Engeset, CEO Hexagon Composites.

“We are excited to be working together with Cryoshelter to further develop the technology and scale up the business over the coming years.”

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Source: Hexagon

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